Disquisition by Scripps, E.W., The growth of national wealth, May 20, 1908

              Ohio University Libraries, E. W. Scripps Papers, MSS 117, Series 4, http:// media. library. ohiou. edu/ scripps May 20, 1908.
" E. W. SCRIPPS l
"'" NOT REVIEWED BY lIE. ' N. S.
AFTER DICTATION FILE # 350 April 1st to Dec. 1st, West Chester, Butler Co., Ohio
Dec. 1st to April 1st. Miramar, San Diego Co., California
o f Wealth. ------
I have never read Adam Smith I s " Wealth of Nations ". I have read a
little here and there in my magazines of some essays on economics. I
have read and tried to understand articles written on such subjects as
the di vi sion of the rewards between capital and la, bor. I have read some
argurnent~ generally dis}? utatious, on the subject of rents-- that is to say,
what a11811 be called rents. I have read a great deal about gold and
other coined Eletals , the medium of exchange, credits, the theory and
practice of business, and yet I am free to confess tha~ while I am
familiar enough with practical business) the whole strueture of theories
that has been huil t up by the professors seems to me to be about the most
and unsubstantial thing tl'lat I ever attempted to get a mental
of. The tenninology used by these vvri ters) I suppose I is chiefly
o blame for my confusion of jllind.
Perhaps the mo st concrete expression and definition of the vvord
weal th JJ that could be presented to any ordinary mind would be:
f gold coins.
a heaD .. I.
Perhaps in no other substance of such small dimension can there be
ound anything like the value in labor previously performed in order to
duce the substance as in the case of gold. It is a cornnon saying that
re money-- that is to sa: j1, more labor-- is put into the effort to getting
d every yea: r than the annual gold supply is worth.
A larger proportion of the gold in usable condition has In itself
een produoed at very great profit, considering the cost of labor 1 but 14 9
ld or gold mine hunting is a speculation for the most part, and only the